The story so far...

A recent KPMG report, International Financial Reporting Standards: Views on a Financial Reporting Revolution, consists of interviews with standard-setters, regulators, CFOs, analysts and auditors from around the world. Many of them have been surprised at how smoothly the implementation of IFRS has gone to date. However, the report highlights some critical issues ahead, including US convergence, consistency of interpretation, rules versus principles, fair value and complexity of accounts. An overview of the issues is available on the KPMG website.